This is the third round of fundraising by Cloudnine, which provides maternity and infant care, according to a statement. Matrix Partners India had invested Rs 45 crore in Cloudnine in 2011 and Sequoia Capital India Advisors had put in Rs 100 crore in 2013.

“We have been closely following the evolution of new healthcare delivery models in India and tracking the growth of Cloudnine over the last few years,” IVFA managing director Siddharth Dhondiyal said. IVFA will support the next phase of the company’s growth, he added.

Cloudnine was established in 2007 by neonatologist Kishore Kumar in partnership with property developer Scrips N Scrolls India Pvt Ltd. The single-specialty chain, which has hospitals in Bangalore, Chennai, Gurgaon, Mumbai and Pune, claims to have an infant survival rate of 99.7 per cent against the global and Indian odds of 50.6 per cent and 47.1 per cent, respectively.

Early this year, IVFA had closed its fifth India-focused fund, Indium-V, with a corpus of $700 million, three months after it marked the first milestone by raising $500 million. IVFA has launched five separate investment funds with a combined corpus of over $2 billion.